steve moore, senior economics writer for "the wall street journal" is joining us now. steve, that is one household. $800 less per year. what does that mean for the economy? what does that mean for that household? >> great question, jenna. by the way i don't think you're one of those millionaires and billionaires president obama talked about and i know i'm not. so --. jenna: you should be my agent, steve. you should be negotiating for more. >> i think we're all going to be paying higher taxes if we have wages and salaries and the payroll tax, as you know, jenna, comes right out of paycheck. it will affect people, lower income people, middle income people, higher income people. so that is a real bite out of middle class incomes, no question about it. you know all the litany of other taxes that went up. the capital-gains tax, the small business tax, the dividend tax. it was a whopper of a tax increase. about $600 billion, jenna. i think overall the impact of this tax increase will be negative for the economy. i think there will be less hiring and less investing. jenna: so